Technology Is Still The Overall Market Leader

My Swing Trading Approach

I want to add more long exposure here to the portfolio if the market will allow for it, while increasing the stop-losses on existing positions. A number of stocks have been down post earnings, and they are creating plenty of decent long setups to play. 

Indicators

  • Volatility Index (VIX) - Broke below support at 11.64 in a decisive manner. Due for a bounce here, but we've seen times this year, where the VIX has managed to slip into single digits. 
  • T2108 (% of stocks trading above their 40-day moving average): A 4.5% bounce yesterday, but still, overall remains in a diverging pattern from market price action. 
  • Moving averages (SPX​): Price is trading above all the major moving averages. 

Sectors to Watch Today

Technology is still the overall market leader. Telecom sporting a solid trend line off of the May lows, as well as a cup and handle pattern. Industrials on the verge of breaking out of an 8 day consolidation pattern. Financials attempting to breakout of a bull flag pattern. Discretionary, still the most difficult sector to get a read on of late. Technically a descending triangle pattern (bearish) going back to June. 

My Market Sentiment

Solid rally from the market for the third consecutive day. Momentum on the side of the bulls No resistance overhead until the all-time highs are tested. Wouldn't be surprised to see it tested before the end of the week. 

S&P 500 Technical Analysis

swing trading strategy report 259

Current Stock Trading Portfolio Balance

  • 3 Long Positions

 

Click here to download my Allocation Spreadsheet.

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